Amazon's Profit Surge Boosts Stocks Amid Oil Price Jitters

The US stock market experienced wild swings on Friday, as Amazon's surprise profit growth led to gains, while Apple's disappointing forecast sent its shares plummeting.

Amazon's stock jumped 15% after reporting a significant increase in profits, thanks in part to the success of its cloud computing business. The company also raised its investment forecast for the year, a move that some analysts see as a sign that Amazon's AI investments are paying off.

However, worries about inflation and the impact of rising oil prices on the bond market kept stocks volatile. Oil prices rose 2.1% to $88.68 per barrel, driving up costs for gasoline and other products shipped by truck or plane.

The Federal Reserve's chair, Kevin Warsh, reiterated his commitment to keeping inflation at 2%, but provided no clear plan for achieving this goal. This move has some economists questioning the Fed's credibility in managing interest rates.